Madison Square Garden (NYSE:MSGS) Price Target Raised to $290.00

Madison Square Garden (NYSE:MSGS) had its price objective lifted by Citigroup from $285.00 to $290.00 in a report published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Wolfe Research downgraded shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a research report on Monday. Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. JPMorgan Chase & Co. upped their target price on shares of Madison Square Garden from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. BTIG Research assumed coverage on Madison Square Garden in a report on Tuesday, October 7th. They set a “neutral” rating for the company. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Madison Square Garden in a report on Monday, December 8th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Madison Square Garden has a consensus rating of “Hold” and a consensus price target of $261.33.

Madison Square Garden Stock Performance

Shares of NYSE MSGS opened at $238.65 on Tuesday. Madison Square Garden has a 52-week low of $173.26 and a 52-week high of $245.49. The stock has a market cap of $5.73 billion, a P/E ratio of -243.52 and a beta of 0.66. The firm has a 50 day moving average price of $223.27 and a 200 day moving average price of $211.03.

Madison Square Garden (NYSE:MSGS) last announced its quarterly earnings results on Friday, October 31st. The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.67. Madison Square Garden had a negative net margin of 2.31% and a negative return on equity of 1.76%. The company had revenue of $39.45 million for the quarter, compared to analysts’ expectations of $41.41 million. During the same period last year, the firm posted ($0.31) earnings per share. The business’s quarterly revenue was down 26.0% compared to the same quarter last year. Analysts predict that Madison Square Garden will post 0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

Institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its holdings in Madison Square Garden by 16.7% in the 1st quarter. Invesco Ltd. now owns 97,121 shares of the company’s stock worth $18,911,000 after purchasing an additional 13,863 shares in the last quarter. Nuveen LLC bought a new stake in shares of Madison Square Garden in the 1st quarter valued at $8,585,000. Russell Investments Group Ltd. raised its holdings in shares of Madison Square Garden by 99.6% during the first quarter. Russell Investments Group Ltd. now owns 1,082 shares of the company’s stock valued at $211,000 after purchasing an additional 540 shares during the period. Northern Trust Corp raised its stake in Madison Square Garden by 15.9% during the 1st quarter. Northern Trust Corp now owns 135,191 shares of the company’s stock worth $26,324,000 after buying an additional 18,529 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Madison Square Garden in the 1st quarter worth $1,994,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.